Ocean Shores Real Estate Report ~ 1st Quarter 2016‏

Greetings from the beach…
First Quarter real estate sales are solid, stable and still on the up. The big news is that our average home sales prices are up over 20% and inventory is down over 13% from the same quarter last year. I expect this trend to continue for at least the next two quarters.

Ocean Shores Residential Sales
Fifty-Five homes sold during 1st quarter for an average price of $177,778 compared to 51 sales and an average price of $143,694 during 4th quarter last year. That’s a jump of 7.8% in sales and an increase of 23.7% in average sales prices! There were 175 homes on the market this time year while there are only 151 on the market right now. That’s an inventory decrease of 13.7%. If inventory continues to remain low, listing prices will increase even more.
2016 First Quarter Home Sales
The average home that sold last quarter in Ocean Shores was 1,444 square feet and took 168 days to sell compared 262 days last year at this time. Only 4 of the 55 homes that sold were bank-owned compared to 11 last year at this time. Last year 21% of our home sales were bank-owned. This year, that number is down to 7%. There are only 151 homes on the market right now and 7 of those are bank-owned. Average list price of a home for sale in Ocean Shores right now: $212,864 ~ Average of 144 Days on Market. One has been on the market for 2,539 days now. The home that was on the market for 3,791 days has finally sold! Again, it wasn’t my listing. There were 46 Homes pending on April 1st for an average list price of $179,589.

Quarterly Home Sales

* 55 Homes Sold during 1st Quarter 2016 ~ Average Sales Price: $177,778 ~ Average of 168 Days on Market. Price Range: $29,000 – $435,000.
* 67 Homes Sold during 4th Quarter 2015 ~ Average Sales Price: $203,003 ~ Average of 148 Days on Market. Price Range: $24,400 – $620,000.

* 91 Homes Sold during 3rd Quarter 2015 ~ Average Sales Price: $166,771 ~ Average of 139 Days on Market. Price Range: $40,000 – $369,000.
* 97 Homes Sold during 2nd Quarter 2015 ~ Average Sales Price: $175,479 ~ Average of 149 Days on Market. Price Range: $30,000 – $464,000.
* 51 Homes Sold during 1st Quarter 2015 ~ Average Sales Price: $143,694 ~ Average of 262 Days on Market. Price Range: $25,000 – $360,000.

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Ocean Shores Condo Sales
Condo sales are off to a blazing start this year as 11 sold during 1st quarter compared to only 2 during 1st quarter 2015. Inventory is up over 58% from 1st quarter 2015 however. The condos at Oyehut Bay are making the biggest impact in the number of listings and sales. There are only a few condos left at Oyehut Bay and they should all be sold out by the end of summer if not sooner. There is still a tremendous amount of condotels on the market (18) while only 3 of them have sold in the past 12 months for an average price of $38,133. Examples of condotels in Ocean Shores are the Grey Gull, Polynesian, Canterbury, etc.

2016 First Quarter Condo Sales
Eleven condos sold during first quarter compared to only 2 during first quarter in 2015. Average sales price was $130,443 and it only took 79 days to sell. There are 57 condos on the market (36 last year at this time) for an average list price of $127,676 (compared to $113,528 last quarter). There are 9 condos currently pending compared to 2 at this time last year. Average listing price: $134,228.

Quarterly Condo Sales

* 11 Condo Sold during 1st Quarter 2016 ~ Average Sales Price: $130,443 ~ 79 Days on Market. Price Range: $38,000 – $186,500.
* 14 Condo Sold during 4th Quarter 2015 ~ Average Sales Price: $140,650 ~ 105 Days on Market. Price Range: $27,000 – $269,000.

* 12 Condo Sold during 3rd Quarter 2015 ~ Average Sales Price: $137,109 ~ 130 Days on Market. Price Range: $44,500 – $200,000.
* 5 Condo Sold during 2nd Quarter 2015 ~ Average Sales Price: $68,840 ~ 423 Days on Market. Price Range: $24,000 – $110,000.
* 2 Condo Sold during 1st Quarter 2015 ~ Average Sales Price: $140,000 ~ 428 Days on Market. Price Range: $45,000 – $190,000.

Ocean Shores Vacant Lot Sales
The number of vacant lots available for less than $10,000 has decreased 25% since the end of fourth quarter 2015. This trend is likely to continue and lot prices will slowly increase over the next two years.
2016 First Quarter Vacant Lot Sales
Fifty-five lots sold during 1st quarter. Twenty-three of those lots sold for $10,000 or less compared to 27 during the same quarter in 2015. There are 571 (528 last year at this time) lots on the market right now for an average list price of $32,066 ($35,657 last quarter). Thirty-eight of those lots are listed for $10,000 or less compared to 51 lots at the end of 4th quarter 2015. There are 28 (22 at the end of 1st quarter last year) lots currently pending for an average list price of $26,262. It took 261 days to sell a vacant lot compared to 391 days in the 4th quarter of 2015. One lot took 2,229 days to sell…

Quarterly Vacant Lot Sales

* 55 Lots Sold during 1st Quarter 2016 ~ Average Sales Price: $22,353 ~ Average of 261 Days on Market. Price Range: $5,000 – $125,000.
* 53 Lots Sold during 4th Quarter 2015 ~ Average Sales Price: $24,020 ~ Average of 391 Days on Market. Price Range: $5,000 – $80,000.

* 76 Lots Sold during 3rd Quarter 2015 ~ Average Sales Price: $26,164 ~ Average of 259 Days on Market. Price Range: $5,000 – $200,000.
* 78 Lots Sold during 2nd Quarter 2015 ~ Average Sales Price: $25,529 ~ Average of 224 Days on Market. Price Range: $4,500 – $126,000.
* 61 Lots Sold during 1st Quarter 2015 ~ Average Sales Price: $16,925 ~ Average of 262 Days on Market. Price Range: $3,000 – $80,000.

1st Quarter 2016 Ocean Shores Real Estate Brokerage Sales (Homes, Condos & Land actual sales)
John L. Scott – 31%
Windermere – 19%
North Beach – 12%

Laurie Christian – 9%

Matrix Real Estate – 7%

Coldwell Banker – 3%

cityofoceanshores.com Update
www.cityofoceanshores.com is updated and a sweet website to assist you in buying, selling and enjoying Ocean Shores. Check it out. Thank you!

Upcoming Things to Do in Ocean Shores

Click the picture for something to do every day in Ocean Shores & Grays Harbor

 

Life’s @ the Beach!
Jeff Daniel              
Managing Broker
John L. Scott Ocean Shores
Cell Phone: 360.581.9020
711 Point Brown Ave NW
Ocean Shores, WA 98569
360.289.2454 (fax)
 

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